Stocks gain…Nursing home cases soar…Pizza Hut cuts

Stocks gain…Nursing home cases soar…Pizza Hut cuts

NEW YORK (AP) — Wall Street nudged a bit higher on Monday, and the S&P teased even closer to its record high. The benchmark index rose 0.3% to 3,381.99. Earlier in the day, it briefly crossed above its record closing level of 3,386.15, which was set on Feb. 19 before the pandemic shut down businesses worldwide and created the worst recession in decades. Most other U.S. stock indexes also made gains, while Treasury yields gave up some of last week’s big rise. The Dow nd slipped 86.11, or 0.3%, to 27,844.91.

WASHINGTON (AP) — A new report says COVID-19 cases in U.S. nursing homes jumped nearly 80% earlier this summer, driven by rampant spread across the South and much of the West. Monday’s report from the nursing home industry analyzed weekly coronavirus statistics reported to the government. Weekly cases in nursing homes rose 77% from a low point the week starting June 21 to the week of July 26. Weekly deaths rose nearly 25% from a low point the week starting July 5 to the week of July 26.

WASHINGTON (AP) — The U.S. government is imposing another round of restrictions on tech giant Huawei as President Donald Trump renews accusations the Chinese company’s telecommunications equipment is used for spying. The Commerce Department’s new rules will further block Huawei from getting access to U.S. chip technology. A Huawei executive earlier in August said the company was already running out of processor chips to make smartphones due to U.S. sanctions and might be forced to stop production of its own most advanced chips. Huawei has repeatedly denied accusations it might facilitate Chinese spying.

ANCHORAGE, Alaska (AP) — The Department of the Interior has approved an oil and gas leasing program within Alaska’s Arctic National Wildlife Refuge. The refuge is home to polar bears, caribou and other wildlife. Secretary of the Interior David Bernhardt signed the Record of Decision, which will determine where oil and gas leasing will take place in the refuge’s coastal plain. He said in a statement Monday it was a significant step in determining where and under what conditions oil and gas development will occur. Congress approved the program in 2017, and the Interior’s Bureau of Land Management in December 2018 concluded drilling could be conducted within the coastal plain area without harming wildlife.

UNDATED (AP) — Up to 300 Pizza Hut restaurants will be closed, most of them dine-in locations not well suited for carryout and delivery at a time when millions of people are sheltering and eating at home. Pizza sales have exploded during the pandemic. Domino’s last month reported a 30% spike in quarterly profits. On Monday it said that it was hiring more than 20,000 people to handle surging orders. Franchisee NPC International said Monday in documents filed in bankruptcy court that it had come to an agreement with Pizza Hut to close hundreds of locations.

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